Finnish stocks traded near record levels this morning, with the OMX Helsinki 25 index rising 0.2% and hovering close to its all-time high, as investors rewarded strong earnings from sauna equipment maker Harvia and renewable materials group Stora Enso.
Harvia surged more than 12%, outperforming the broader market, while Stora Enso gained over 4%. Pet care retailer Musti Group also edged higher, while Sanoma and Oma Savings Bank lagged the benchmark. These are some of the largest companies based on market cap that reported their first-quarter earnings today.
Harvia, which makes sauna and spa products, posted record first-quarter revenue of EUR 58.6 million, up 12.7% year-on-year and driven entirely by organic growth. Adjusted operating profit increased to EUR 12.9 million from EUR 11.9 million, with a margin of 22.0%. CEO Matias Järnefelt said healthy demand in North America and Northern Europe, combined with newer products, supported growth. The company said upgrades at its Muurame factory and IT systems could temporarily move EUR 3-5 million of deliveries into the third quarter.
Stora Enso, the packaging and renewable materials company, reported stable sales of EUR 2.36 billion in the first quarter, while adjusted EBIT fell 9% to EUR 159 million as the ramp-up of its Oulu consumer board line and foreign exchange effects weighed on profitability. CEO Hans Sohlström said the company continued to “drive performance through our own actions across operations, costs, commercial excellence, and procurement” despite weak demand and geopolitical uncertainty. Stora Enso reiterated that the Oulu line should reach full capacity during 2027.
Musti Group rose nearly 1% after reporting 15.6% revenue growth to EUR 138.5 million, helped by strong sales in Norway and the acquisition of Portuguese pet retailer ZU. Gross margin improved to 44%.
Oma Savings Bank shares fell more than 1% even though comparable pre-tax profit nearly tripled to EUR 13.7 million. Investors appeared concerned about weaker core banking income and asset quality trends. Net interest income fell 23.7% to EUR 35.8 million, missing analyst expectations, while non-performing loans increased to EUR 543 million, or 9.3% of the loan portfolio, from EUR 485 million a year earlier. The bank also reiterated guidance for slightly lower comparable pre-tax profit in 2026.
Sanoma slipped more than 1% despite reporting a smaller-than-expected adjusted operating loss of EUR 16.1 million, helped by efficiency gains from its Solar cost-saving program. Investors nevertheless focused on weak advertising demand in the media business and cautious comments on the operating environment, even as the company kept its 2026 outlook unchanged.
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